I think flood is part of the other economic provisions referred to in the article below. they have today or tommorow to pass it otherwise they are on a 10 day vacation.

http://www.washingtonpost.com/wp-dyn/con...src=nl_headline

Does anyone know if Flood expiration date has been extended or are they on their 10-day vacation??

google news and you get many insurance industry publications saying that congress is now gone and they did not pass the flood program extension. One newsletter said flood's experation on May 31st coinsides nicely with the June 1st official start of the Atlantic Hurricane season.
Still these are only insurance industry pubs - i don't see the AP or Reuters picking it up yet.

see this NFIP Bulletin

This song and dance is getting REALLY old.

for real!

Yuk!

Thanks for posting.

From what I am reading; the House passed H.R. 4213 The American Jobs and Closing Tax Loopholes Act of 2010 on May 28, 2010 which includes a section on Disaster Response and Flood Insurance that states:
NATIONAL FLOOD INSURANCE: Since its creation in the National Flood Insurance Act of 1968, the National Flood Insurance Program (NFIP) has been the primary source of reliable flood insurance coverage for millions of American homes and businesses. The NFIP is authorized to write and renew flood insurance coverage through May 31, 2010. The bill would extend the NFIP’s authority to write and renew flood insurance coverage through December 31, 2010 and help provide needed stability in the nation’s housing markets.
Ways and Means: The American Jobs and Closing Tax Loopholes Act of 2010
(Click into the "Click here for a summary of H.R. 4213 Updated May 28th" and go to the section on "Disaster Response"; page 14 I believe)

Hopefully this means the hiatus won't last too long

so what is everyone doing in the meantime?...are you taking the risk and closing these loans or making them wait until they sign the reauthorization?

Thanks

The fdic guidance came out and said we could make the loan without flood....BUT we had to document why we were ok with it on a safety and soundness basis and.. Well there were enough "ands" that it became clear to us that we should not try and make any without flood. Also on home loans the secondary markets are adament they will not buy a loan closed without flood in this hiatus period.

We need a Senator to try to buy a house in a flood zone during this expired time. Then they might make sure it gets passed!!

You got that right, Queen!

Has the FDIC issued new guidance for this latest lapse or do we just use the guidance from the March lapse time?

There is a line in the FDIC guidance the says to use it for any future lapse of the NFIP.

I did a search on H.R. 4213 and found this: "Senate Begins Debate on Unemployement Benefits Extension HR 4213" from 6/8/10.

Has anyone heard anything yet?

This is to provide an update on Congressional activity to reauthorize the NFIP, based on reports gathered from various sources.

As of Thursday, June 10, 2010 Congress is on a four-day break. They will not resume consideration of a bill to extend the NFIP authority until Monday, June 14, and votes will not occur until Tuesday, June 15 at the earliest. The Senate plans to consider H.R. 4213, which contains an NFIP authorization through December 31, 2010.

You are to be guided by the memorandum of May 28, 2010, Bulletin W10063.

Thanks for the update, Deb.
As someone said, this is getting REALLY old.
Why the he// doesn't congress just pass this once and for all with a provision for annual updating, whatever.
Why must it constantly be attached and voted on...like there's ever going to be a need for there not to be NFIP???!!!
Just one more thing for compliance folk to learn to dance to the government's subject-to-change-without-notice music on.
(rant over)

Maybe job security????

from the article: Senate Fails to Extend NFIP; Hiatus Passes Two Weeks...

"A test vote in the U.S. Senate failed to clear the bill that includes extensions of the National Flood Insurance Program, COBRA subsidies and Medicare doctor pay levels, again disappointing insurance companies that have been waiting for the programs to get back online -- especially the property/casualty insurers, forced to watch yet another lengthy hiatus of the flood program."

Has Congress done anything about this yet?

This is the latest that I've seen: NFIP Program Lapse Continues

Thanks for the update M.

Years ago a woman who worked for me used to suggest that we all get on a bus and go to Washington with signs protesting various regulatory changes. I keep thinking of her with this flood fiasco.

The only issue is that there would be soooo many protests that they would probably try to regulate those too....and the font size of the sign verbiage.